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    Deadline for debt exchange program moved to February 7 with new terms

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    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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Domestic airlines to slash fares

bycitibusinessnews
July 22, 2015
in Business, Top Stories, Transport
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Domestic Airline operators have hinted to Citi Business News prices of domestic airfares will soon be reduced following the performance of the cedi against major foreign currencies.

[contextly_sidebar id=”pHYbZlAO9JwFvypLDhWMYfV8LcsSFRFj”]The cedi in the past weeks has appreciated against major foreign currencies including the dollar.

Its performance has been attributed to the weekly injection of some 20 million dollars into the economy by the Bank of Ghana.

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Finance minister Seth Tekper yesterday in presenting the supplementary 2015 budget estimates to parliament assured that the cedi will remain relatively stable given further inflows expected into the economy.

Though most airlines had earlier complained about the rate of the depreciation of the cedi which they said was causing rising cost of operations eroding their profits and earnings in general, Chief Executive Officer of Starbow Airline James Eric Antwi in an interview with Citi Business News said the appreciation of the cedi against major currencies was good for the domestic airline industry.

“It is good for our business and if the cedi goes further down then we can even reduce the prices of the fares but anyway VAT has come in, so VAT will still keep it up a little bit. But I must say it is good for us because in our job the expenditure is about 85% dollar component.”

Chief Executive Officer of Starbow Airline James Eric Antwi affirmed to Citi Business News that if the cedi will stabilize and further appreciate against the major foreign currencies especially the dollar they will consider reducing air fares.

–

By:  Norvan Acquah – Hayford/citifmonline.com/Ghana

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